We repeat our thoughts. Valuations for weed stocks are a joke…ridiculously over-valued. But a bull market is a bull market and for a while, they were bullish. No longer. Once just about all broke the 50 day moving average, that was party for now. But it just worsens and most names dive even further. We continue to say avoid…regardless of what the rest say. Price first…opinion last. If things change, price will tell you.
Another gap to the upside today. Yesterday, late day buying stepped in to halt early selling. Nothing wrong with that.
It is earnings season. Lots of jello moving on the plate. BAC not so good this morning. GS not so good yesterday. JPM good on Friday. Expect a lot of that.
NETFLIX upgraded this morning. NETFLIX had a bad reaction to Disney’s news on streaming. What interests us is this upgrade comes this morning even though NETFLIX reports after the close. Really! This analyst knows what they will report and how it will react.? Don’t you love a 50-50 coin flip, guessing game on Wall Street?
LYFT closes near $56…a continued disaster that will not help UBER.
Gap to the upside.
JPM up $3.
DIS up $7…market likes the streaming deal.
CVX buying APA…so OILS really helping the cause this morning.
Will leave it at that. More on the weekend.
Wait…stop. We didn’t know markets go down.
A little rough patch? Markets are overdue. Doesn’t mean the end of the world. Again, markets do go down.
As of this juncture, nothing but a pullback. Indices a little stretched and extended to the upside. A pullback towards moving averages would actually beneficial.
Earnings in droves starting this Friday with a few financial names.
To tell us if it will be more than a pullback, we make note of how many areas and how many stocks are breaking down. We will be on it if it starts to get hairy.
ECB announced this morning negative rates for the rest of the year. (They will never be able to roll things back!) Have you seen the charts of European banks?
Trump watching every tick. Seems all thoughts go towards keeping markets going. Calling for more QE. You know what we think of this.
Trump putting Stephen Moore and Herman Cain for the fed. No chance Cain even gets to nomination. Better chance for Moore.
Watch this Dwyane Wade video.
Futures down a wee bit. Nah…markets do not go down.
BOEING (BA) no help and now airlines are asking for compensation for losses. We have outlined for you our worries with the stock right now. Just too much uncertainty is still out there.
The SEMIS will never have a down day again.
Watching about 10-15 software names that were leading but now have pulled back into the 50 day average. Important they hold.
18 Dems now trying to be the prez. If you added up all their tax proposals, there would be no money left in the pockets of Americans. More on that tomorrow.
IMF lowers world GDP. We had no idea…and they are still too high and we still do not know what the IMF does.